COMPANY NEWS;MANHATTAN BAGEL REPORTS ACCOUNTING IRREGULARITIES

The Manhattan Bagel Company said yesterday that it had found improper accounting at its I& J West Coast unit and would have to restate its financial results for the first quarter. Manhattan Bagel, a chain of bagel shops that is based in Eatontown, N.J., said it would also investigate other possible financial irregularities. The company will reduce its first-quarter earnings per share to 9 cents from the 12 cents previously reported. The announcement was made after the markets closed. Earlier, the company's shares fell $4.875, to $21.25, in Nasdaq trading.